Banks’ inertia delays CRB
Banks’ inertia delays CRBBy NKOLE CHITALA
SOME Commercial banks have delayed to provide full information to the Credit Reference Bureau (CRB) with only four being able to use the system out of the ten banks and one leasing company that have been connected to the system. Bank of Zambia Governor, Caleb Fundanga, said the remaining three banks were expected to be connected soon.
Dr Fundanga said out of the 10 banks, which have been connected, only four could actually use the system, as they were the only ones that had paid since the system operates on a prepaid basis.
He was speaking at a quarterly media briefing in Lusaka on Monday.
He said out of the 13 commercial banks in operation, nine have provided Credit Reference Bureau Africa Limited (CRBAL) with data and at least one bank was expected to provide information shortly.
Five of the banks where installation had been done have not made any payment despite installation and training completed in early February, this year.
CRBAL installed software at 11 commercial banks and one leasing company and trained staff at the banks in readiness to use the system. The BoZ has expressed concern over the delays in having the C RB fully functional. Dr Fundanga said the usage of the CRB had been low due to some banks failure to provide data to the CRB.
“The whole concept is diminished if banks are not prepared to provide or are selective in providing data. To this effect we have requested all commercial banks to submit both positive and negative data to the CRB without subjecting the data to any screening or selection,” he said.
Labels: BANK OF ZAMBIA, CALEB FUNDANGA, CRB, CRBAL
posted by MrK @ 6:14 AM
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